The Kazakh tenge will weaken against the dollar in 2022, reported the Kursiv media outlet that published the forecast of economists and financiers. Experts from Kazakhstan’s Association of Financiers believe that the US dollar will rise to 445 tenge next year. Chief Research Fellow of the Kazakhstan Institute for Strategic Studies Vyacheslav Dodonov opined that the average annual dollar rate will be between 455 and 470 tenge in 2022.
The forecast is based on the assumption that next year the oil price will be lower than in 2021, which will lead to a decrease in the inflow of foreign exchange earnings. The expert explained that smaller amounts of transfers from the National Fund are planned next year, which means a reduction in the supply of foreign exchange from this source.
Experts from the Eurasian Development Bank, in turn, predicted that the dollar will be around 434 tenge. The forex market forecast is based on an analysis of the fall in oil prices next year. The oil price in the world market is still falling. This was affected by the exacerbation of the epidemic situation in some countries due to the omicron variant.
The price of Brent crude fell by 4 percent to US$69. Also, the market crashed by the excessive growth in U.S. oil production. Therefore, analysts agreed that oil prices will not rise next week either.
Translation by Saniya Sakenova
Editing by Galiya Khassenkhanova